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Friday, July 1, 2022

Metaswap Gas Has Gone Off The Social Media Radar

PeckShield, a security company for blockchain, has alerted most of its investors about a possible rug pull event which has its source at Metaswap Gas. The protocol of this token allows NFT swaps throughout the blockchains of Polygon, Ethereum, and Binance. Following this unexpected drop in the prices, all of the official accounts which were linked with this protocol- Instagram, Twitter, Medium, and others- were removed, further justifying the claims made by PeckShield about a possible rug pull. 

Metaswap Gas Has Started Acting Shady

As reported by PeckShield, close to 1,100 Binance Coin tokens, which have a valuation of around $602,000 were moved to an account on Tornado Cash, which is a non-custodial Ehtereum-based solution that has been constantly used in breaking the on-chain link between the receiver and the sender.

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This process inadvertently adds to the difficulty in locating all of the stolen funds which were earlier moved from Metaswap Gas. This has resulted in PeckShield advising its investors to stop having any stakes on this token and further revoking any existing contracts it might have had in order to avoid further losses – financially. 

Just this month alone, several crypto entities have been victims of a series of major exploits- one of which Metaswap Gas is definitely a part of, which has resulted in a cumulative loss of around $600 million.

On the 21st of December, Bent Finance went on to ask its investors to start withdrawing their funds after it confirmed a pool exploit taking place. Quite similar to this, other victims in the crypto industry have been BitMart, Grim Finance, and AscendEX- which has promised all of its investors to return the funds that were stolen. 

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Goes without saying, Metaswap Gas could very well be one of the exploiters- and they needed to be apprehended. 

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